Don’t Lose Your Charitable Deduction

For you to claim a federal income tax deduction for a charitable donation valued at $250 or more, you must obtain from the recipient of the donation a "contemporaneous written acknowledgment" letter. Failure to obtain such a letter can result in a disallowance of the deduction by the IRS. The acknowledgment letter, which may be in the form of a thank you letter to you as the donor, should include the following information: The name and address of the recipient of … [Read More...]